Financial Integration in Latin America: A New Strategy for a New Normal. Carlos Caceres
|
|
- Michael Cummings
- 5 years ago
- Views:
Transcription
1 Financial Integration in Latin America: A New Strategy for a New Normal Carlos Caceres
2 Outline Section I: Motivation - What are the main issues? Historical context Current juncture Section II: What to do? Regionalization as a first step towards globalization Benefits of integration State of play Section III: How to achieve regional integration in practice? Risks and mitigation Existing initiatives Recommendations Section IV: Conclusions 2
3 Section I: What Are The Main Issues? 3
4 Historical Context Following the financial crises in the 1980s-1990s, Latin American countries opened up their financial markets to foreign participation North American and European banks entered these markets Global banks were seen as a source of stability, bringing know how and best practices into the region 4
5 Historical Context: Entrance of Global Banks 5
6 Current Juncture: Challenges to the Global Bank Model Changes in global regulatory frameworks Extreme subsidiarization model (ring fencing of both liquidity and capital) Tightening of AML/CFT rules; FATCA; issues with correspondent banking have increased costs in some business areas E.g. derivatives trading moving to Chicago exchange Global banks are retrenching from non-core business areas and regions 6
7 Current Juncture: Departing Global Banks 7
8 Current Juncture: Challenging External and Domestic Environment Less support from growth engines of the past decade Growth in China and Global Commodity Prices (percent change, index) 5.6 Estimates of Medium-Term Growth in LAC by Forecast Vintage, (Percent) China real GDP growth Commodity prices, log (right scale) LAC needs to find new sources of growth! Fall 2000 Fall 2001 Fall 2002 Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016 Fall 2017 World Economic Outlook Vintage 8
9 Current Juncture: Need for Financial Market Development The void left by departing global banks needs to be filled, to avoid a large fall in both financial intermediation and/or competition. New avenues for growth in LA will require fresh investment and deep financial markets. 9
10 Section II: Regionalization towards Globalization 10
11 The qualitative benefits from financial integration at large are many Qualitatively, financial integration can expand financing and savings options, enhancing financial development, and resource allocation Enhance efficiency: the infusion of foreign capital can enhance competition and economies of scale in the financial sector, reducing costs and spreads, and thus stimulating investment. Know-how transfer: better resource allocation and the importation of technology and know-how can boost productivity. Best practices: exposure of policymakers and companies to international scrutiny and standards can improve the investment climate by raising the bar. Integration can also reduce growth volatility, enhancing stability Increasing the depth and liquidity of markets creates new instruments and players. Portfolio diversification: new opportunities for risk-sharing and inter-temporal consumption smoothing. 11
12 and increased regional integration would help reap these As global banks depart, higher regional integration in LA may bring several benefits: Regional trade: greater cross-border financial activity could trigger greater cross-border trade. Local expertise : regional banks may have greater expertise in specific regional needs for trade and industrial credit, for example, as well as business culture and institutions. Fill the void : regional banks could help fill the void left by departing global banks. Consolidation of domestic financial sectors and reduced competition could be avoided by introducing regional players. Assimilation of technical know-how, regulatory and operational best practices from regional leaders could raise standards across the region, facilitating broader integration. Regional infrastructure: regional integration of capital markets could provide economies of scale and facilitate the financing of large regional projects (e.g. cross-border highways), currently pending due to small domestic markets. Further risk diversification: regional portfolio diversification and investments could mitigate the risk of both domestic bubbles and extra-regional spillovers. 12
13 State of Play: Limited trade and financial linkages within LA Share of Global and Regional Trade, 2016 (Percent of total) Share of global exports Share of regional exports 25 Total Portfolio Investment, 2015 (Percent share) 100% United States Luxembourg Latin America Others 20 80% 15 60% 10 40% 5 20% 0 LAC EM Asia EM Europe Sources: Haver Analytics; and IMF staff calculations. 0% Brazil Chile Colombia Sources: Coordinated Portfolio Investment Survey; and IMF staff calculations. Note: Latin America = Argentina, Brazil, Chile, Colombia, Mexico, Panama, Peru, Uruguay. Mexico Panama Peru Uruguay Latin America less integrated relative to other regions. 13
14 State of Play: Regional banks have thus far played a limited role Banks dominate the financial sector in LA. Non-LA foreign banks still hold an important market share in the LA-7. Despite recent acquisitions and moves by Colombian and Brazilian banks, regional banks have played a limited role so far LA-7: Commercial Bank Ownership, 2014¹ (Bank assets in percent of GDP) Foreign, LA7 Foreign, Other Domestic 0 LA-7 avg. BRA MEX COL CHL PAN PER URY Sources: National authorities; Bureau van Dijk; and IMF staff calculations. ¹ Year-end 2014 or latest available. 14
15 with just a few regional players 15
16 State of Play: Pension funds have grown rapidly, but invest in relatively shallow domestic capital markets 205 Pension Fund Assets (Index, 2008=100, in percent of GDP in USD 1 ) Uruguay Mexico LA-7: Pension Fund Assets Under Management Other foreign Regional Domestic OECD Colombia Panama Chile Peru 0 BRA MEX COL CHL PER URY PAN Sources: National authorities; Bureau van Dijk; and IMF staff calculations. ¹ Year-end 2014 or latest available. Data for some countries may include partial estimates depending on availability. Data for Panama cover SMV. Estimates for Brazil reflect total assets of the 130 Pension Funds Investment: Foreign Assets¹ (Percent of total investment) 105 Brazil Foreign assets Statutory limit Sources: International Association of Bodies Supervision of Pension Funds (AIOS); Brazilian Association of Closed Pension Funds (ABRAPP); Brazilian National Superintendent of Pension Funds (PREVIC); OECD; and IMF staff estimates and calculations. 1 Data for some countries may include partial estimates depending on availability. Data for Panama cover SMV. 2 Estimates for Brazil reflect total assets of the Brazilian closed pension funds system Chile Peru² Colombia Mexico Uruguay Panama Brazil Sources: AIOS; PREVIC; and IMF staff estimates and calculations. 1 Data as of March Data for some countries may include partial estimates depending on availability. 2 While the statutory limit on foreign assets in Peru is 50 percent, the pension fund supervisor raises the effective limit over a period of time; at the time of discussions it was set at 42 percent. 16
17 Section III: Achieving Regional Integration in Practice 17
18 What are the risks? Trade diverting rather than trade creating. Liberalization measures should be non-discriminatory. Spillovers across the region: financial stability concerns. Integration through ring fencing national activities, including through subsidiarization and limits on cross-border transfers; very limited spillovers at present. Lack of adequate regulatory oversight. Urgent need for consolidated and conglomerate supervision. 18
19 Currently low spillover risks... Low Trade Linkages Low Banking Sector Linkages Limited Spillover Risks Limited Cross- Border Transactions 19
20 but increased integration MUST go hand-in-hand with enhanced supervision to mitigate potential risks. Cooperation Across Regulators Enhanced Domestic Supervision Prudential Tools Reciprocity and coordination Adoption of International Standards Tackles Systemic Risks Joint Forum Principles Supervisory Colleges MoUs; Information Sharing Consolidated and Conglomerate Supervision Cross-border risk monitoring Additional Capital/Liquidity Requirements Regulatory convergence towards international best practices! 20
21 Existing Initiatives: Low-Hanging Fruits 21
22 Recommendations for enhancing regional financial integration Develop explicit, non-discriminatory statutory and regulatory framework for entry and functioning of cross-border financial institutions, ensuring level playing field. Harmonize regulatory and accounting frameworks following international best practices : adopt Basel III (banks), Solvency-II type (insurance), and IFRS. Develop stable and transparent tax rules for domestic and cross-border financial activities, with agreements to avoid double taxation. Remove remaining exchange controls and revitalize regional currency settlement. Introduce/enhance consolidated supervision of banks and conglomerates, including limiting intra-group exposures. Harmonize legal frameworks for bank resolution and restructuring. Increase maximum ratios for pension funds and NBFIs to invest regionally (if not more widely), ensuring safeguards are in place to manage cross-border risks, and allow them to invest in regional infrastructure projects. 22
23 Section IV: Conclusions 23
24 Conclusions: Food for Thought Regional integration is not a panacea, but a first step towards global integration No silver bullet : regional integration a multi-faceted process Bottom line: enhancing domestic financial regulatory institutions and infrastructure (following international best practices ) in itself a good thing A race to the top in terms of regulatory and financial standards Financial integration could be a positive by-product of it! Alternatively, financial integration could be used as an excuse for the much needed reforms 24
International Dimensions of Monetary Policy Eighth BIS CCA Research Conference
International Monetary Fund May 217 International Dimensions of Monetary Policy Eighth BIS CCA Research Conference Alejandro Werner Director Western Hemisphere Department Spillovers to Domestic Interest
More informationAn Uneven Recovery. Outlook for Latin America and the Caribbean. A Presentation by Western Hemisphere Department
International Monetary Fund November 1, 2018 An Uneven Recovery Outlook for Latin America and the Caribbean A Presentation by Western Hemisphere Department I. Key Messages II. Global Crosscurrents III.
More informationInternational Economic Outlook
International Monetary Fund September 9, 16 International Economic Outlook Alejandro Werner Director Western Hemisphere Department 1 Global and Regional Developments Relevant Issues Global and Regional
More informationBuilding on CAFTA - Finance & Development, December 2005
Building on CAFTA - Finance & Development, December 2005 Building on CAFTA Alfred Schipke How the free trade pact can help foster Central America's economic integration Regional integration is gaining
More informationRegional economic view of Latin America
Roberto Junguito, FASECOLDA Regional economic view of Latin America Insert your Company Logo here May 2013 Agenda 1. Insurance in Latin America 2. Insurance and Economics 3. Future Economic Challenges
More informationOutlook and Challenges for Latin America and the Caribbean
International Monetary Fund Colombia, June 18 Outlook and Challenges for Latin America and the Caribbean Carlos Caceres Western Hemisphere Department I. Global Economy, Financial Markets, and the U.S.
More informationRevenue Statistics in Latin America and the Caribbean
Revenue Statistics in Latin America and the Caribbean 1990-2015 XXIX ECLAC Regional Seminar on Fiscal Policy Santiago, Chile March 23, 2017 Revenue Statistics in Latin America and the Caribbean 1990-2015
More informationTale of Two Adjustments. The Outlook for Latin America and the Caribbean. Port of Spain, Trinidad and Tobago June 14, 2017
Regional Economic Outlook: Western Hemisphere April 17 Tale of Two Adjustments The Outlook for Latin America and the Caribbean Port of Spain, Trinidad and Tobago June 1, 17 Outlook and Risks Tale of Two
More informationReview of Recent Trends and Issues in Financial Sector Globalization
Review of Recent Trends and Issues in Financial Sector Globalization Christine Cumming, First Vice President Fifth BIS Annual Conference on Financial Globalization June 19, 2006 The views in this presentation
More informationTaxes in Latin America and the Caribbean Situation and prospects
Taxes in Latin America and the Caribbean Situation and prospects Alberto Barreix Principal Technical Leader on Fiscal Economist, IDB Angel Melguizo, Head for Latin America, OECD Development Centre Taxation
More informationWorld Economic Outlook Is the Tide Rising?
World Economic Outlook Is the Tide Rising? January 214 1 Global activity has strengthened. Further improvements expected. WEO Update in a nutshell Advanced economy growth has picked up Robust private demand
More informationRevenue Statistics in Latin America and the Caribbean
Revenue Statistics in Latin America and the Caribbean 1990-2016 30th ECLAC Regional Seminar on Fiscal Policy Santiago, Chile 27 March, 2018 Revenue Statistics: a global project Revenue Statistics in Latin
More informationSHORT AND MEDIUM-TERM PROSPECTS FOR LATIN AMERICA
SHORT AND MEDIUM-TERM PROSPECTS FOR LATIN AMERICA Ignacio Hernando Meeting of International Relations Managers Banco de España, 9 July 215 INTERNATIONAL AFFAIRS CONTENT 1. The Latin America economy at
More informationGlobal financial stability and the. have we learned?
Global financial stability and the cooperation among central banks: What have we learned? Rodrigo Vergara CEMLA 60th Anniversary Conference: Central Bank Cooperation at the Beginning of the 21st Century
More informationWorld Economic Outlook. Recovery Strengthens, Remains Uneven April
World Economic Outlook Recovery Strengthens, Remains Uneven April 214 1 April 214 WEO: Key Messages Global growth strengthened in 213H2, will accelerate further in 214-1 Advanced economies are providing
More informationInternational Monetary and Financial Committee
International Monetary and Financial Committee Thirty-Second Meeting October 9 10, 2015 Statement by José Darío Uribe, Governor, Banco de la República, Colombia On behalf of Colombia, Costa Rica, El Salvador,
More informationAmericas Latinas: revisited
Americas Latinas: revisited Global Insight World Economic Outlook Conference Manuel Balmaseda Chief Economist Boston, October 2007 Boston October 2007 1 A New LatAm Sounder Economics Sounder Domestic Policy
More informationFinancial Flows from the United States to Latin America
Economic and Financial Linkages in the Western Hemisphere Seminar organized by the Western Hemisphere Department International Monetary Fund November 26, 2007 Financial Flows from the United States to
More informationDeterminantes de los flujos de capitales. a las economías emergentes
Determinantes de los flujos de capitales a las economías emergentes XCV Reunión de Gobernadores de Bancos Centrales del CEMLA Jose Juan Ruiz Aide memoir CEMLA Seminar Based on Capital Flows in South America.
More informationLatin American Economic Perspectives LASOS 2017 October 18, Hotel Intercontinental Buenos Aires, Argentina
Latin American Economic Perspectives LASOS 7 October 8, Hotel Intercontinental Buenos Aires, Argentina Gustavo Cañonero Partner & Director, Grupo SBS AGENDA I. Recent economic trends in LA II. The good,
More informationChapter 4. Fiscal Multipliers: How Will Consolidation Affect Latin America and the Caribbean? Regional Economic Outlook: Western Hemisphere May 2018
Regional Economic Outlook: Western Hemisphere May 2018 Chapter 4 Fiscal Multipliers: How Will Consolidation Affect Latin America and the Caribbean? Yan Carrière-Swallow, Antonio David, Daniel Leigh & Jorge
More informationMexico: 2016 IMF ARTICLE IV CONSULTATION
Mexico: 2016 IMF ARTICLE IV CONSULTATION Wilson Center, January 9, 2017 Western Hemisphere Department International Monetary Fund BACKGROUND Growth in Economic Activity and Employment Have Remained Stable
More informationInvesting in Mexico: Challenges and opportunities
Investing in Mexico: Challenges and opportunities Alicia Garcia Herrero Chief Economist Emerging Markets BBVA The 3rd Latin America China Investors Forum (LA-CIF) Beijing September 13th & 14 th, 2011 Index
More informationDirectors and Investors Perspectives
Public Company Accounting Oversight Board, December 8, 2017 Directors and Investors Perspectives The views expressed are my own personal views and do not reflect those of the PCAOB, members of the Board,
More informationLatin America Sovereign Ratings in a Weakening Global Economy Shelly Shetty, Head of Latin America Sovereigns
Latin America Sovereign Ratings in a Weakening Global Economy Shelly Shetty, Head of Latin America Sovereigns October 11, 211 Agenda Latin America Sovereigns: Ratings Trajectory In A Weakening Global Environment
More informationThe role of FDN as a specialized and innovative development bank CLEMENTE DEL VALLE PRESIDENTE
The role of FDN as a specialized and innovative development bank CLEMENTE DEL VALLE PRESIDENTE Acces to infrastructure is a critical challenge for Colombia RANK/140 Quality of overall infrastructure Quality
More informationHow middle-class is Latin America?
How middle-class is Latin America? Social inequality and well-being Jeff Dayton-Johnson Head, Americas Desk OECD Development Centre Latin American Conference on Measuring Well-Being and Fostering the Progress
More information2016 ARTICLE IV CONSULTATION WITH CHILE. Concluding Statement of the IMF Mission. October 25, 2016
2016 ARTICLE IV CONSULTATION WITH CHILE Concluding Statement of the IMF Mission October 25, 2016 Chile s fundamentals and policy framework remain strong. However, economic prospects are being shaped by
More informationTracking investments in quality standards across borders and sectors
Tracking investments in quality standards across borders and sectors Case Study: Examination of the trends and opportunities in ISO 17020 accreditation across Latin America 22 August 2018 Introduction
More informationCross-Border Banking in Africa: Facts, Challenges, and Opportunities
Cross-Border Banking in Africa: Facts, Challenges, and Opportunities THORSTEN BECK, MICHAEL FUCHS, DOROTHE SINGER AND MAKAIO WITTE DAKAR, JUNE 12, 2014 Increasing importance of cross-border banks in Africa
More informationLatin America Outlook. 2nd QUARTER 2017
Latin America Outlook 2nd QUARTER Latin America Outlook 2Q17 Main messages 1. Global growth keeps increasing, and uncertainty about US policies starts to fade. Nevertheless, global risks remain. 2. The
More informationLatin America Outlook. 1st QUARTER 2018
Latin America Outlook 1st QUARTER Main messages 1. Strong global growth continues. Forecasts revised up in in most areas. Growth stabilizing in. 2. Growth recovers in Latin America, reaching close to potential
More informationDiagnostics on PFM and Health Financing Alignment the OECD perspective
Diagnostics on PFM and Health Financing Alignment the OECD perspective WHO Collaborative Agenda on Fiscal Space, PFM and Health Financing 26 April 2016 Chris James (Health) Camila Vammalle (Budgeting &
More informationGlobal Economy is Expected to Grow by 3.4 % in 2016 GDP growth in 2016, %
Russia Brazil Mexico Rest of Latin America Rest of Eastern Europe Middle East and Africa Global Economy is Expected to Grow by 3.4 % in 216 GDP growth in 216, % 9 8 7 6 5 4 3 2 1-1 -2-3 -4 North America
More informationCOMPARING EXPERIENCES OF IFRS/XBRL IMPLEMENTATION FOR FINANCIAL SUPERVISION IN LATIN AMERICA.
COMPARING EXPERIENCES OF IFRS/XBRL IMPLEMENTATION FOR FINANCIAL SUPERVISION IN LATIN AMERICA. MILENA CASTILLO EX D I R E C T O R F O R S U P E R V I S I O N, F I D U C I A R Y I N D U S T R Y Methodology:
More informationState-Owned Enterprises in Latin America and the Caribbean: Challenges and Opportunities
State-Owned Enterprises in Latin America and the Caribbean: Challenges and Opportunities Gustavo García Principal Technical Lead Fiscal Economist Fiscal and Municipal Management Division (FMM) Institutions
More informationChina s role in Latin America: Participation & Consequences
China s role in Latin America: Participation & Consequences November 2017 Le Xia Asia Chief Economist, BBVA Research Index 01 Evolution of bilateral trade and investment 02 LatAm s export dependency on
More informationINTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS ISSUES PAPER ON GROUP-WIDE SOLVENCY ASSESSMENT AND SUPERVISION 5 MARCH 2009 This document was prepared jointly by the Solvency and Actuarial Issues Subcommittee
More informationFinancing strategies to achieve the MDGs in Latin America and the Caribbean
UNDP UN-DESA UN-ESCAP Financing strategies to achieve the MDGs in Latin America and the Caribbean Rob Vos (UN-DESA/DPAD) Presentation prepared for the inception and training workshop of the project Assessing
More informationMDGs Example from Latin America
Financing strategies to achieve the MDGs Example from Latin America Workshop Tunis 21-24 24 January,, 2008 Rob Vos Director Development Policy and Analysis Division Department of Economic and Social Affairs
More informationOutlook for the World Economy: Implications for the Caribbean. Saul Lizondo. Western Hemisphere Department International Monetary Fund
Outlook for the World Economy: Implications for the Caribbean Saul Lizondo Associate Director Western Hemisphere Department International Monetary Fund Trinidad id d and Tobago, September, 1 Presentation
More informationWORLD ECONOMIC OUTLOOK October 2017
WORLD ECONOMIC OUTLOOK October 2017 Andreas Bauer Sr Resident Representative @imf_delhi World Economic Outlook The big picture Global activity picked up further in 2017H1 the outlook is now for higher
More informationLATIN AMERICA OUTLOOK 4Q2016 OUTLOOK LATIN AMERICA. 4th QUARTER 2016
LATIN AMERICA OUTLOOK 4Q OUTLOOK LATIN AMERICA 4th QUARTER LATIN AMERICA OUTLOOK 4Q Main messages The global economy is heading for a slow recovery. Global GDP growth will improve slightly from the second
More informationOverview of Presentation
Overview of Presentation Fiscal Outlook and Challenges How to Address Fiscal Challenges? 2 Fiscal Outlook and Challenges 3 While the fiscal drag is waning in AE, EMEs would need to start rebuilding buffers
More informationCGFS Papers. Committee on the Global Financial System. Workshops on EME banking systems and regional financial integration. No 51a
Committee on the Global Financial System CGFS Papers No 51a Workshops on EME banking systems and regional financial integration Summary of follow-up workshops organised by the Committee on the Global Financial
More informationTransformar números June 2013
June 2013 MASISA OVERVIEW FINANCIAL PERFORMANCE THE OFFERING Masisa Overview Company focused on the wood boards industry for furniture and interior design in Latin America. #1 in installed capacity in
More informationEmerging Market Private Sector Access to Capital Markets
Emerging Market Private Sector Access to Capital Markets The Role of the Domestic and Foreign Investor Base GEMLOC Advisory Services Roundtable May 29-30, 2008 Eliot Kalter President, EM Strategies Senior
More informationTen key messages of the Latin American and Caribbean regional consultation on Financing for Development
Ten key messages of the Latin American and Caribbean regional consultation on Financing for Development ECLAC, Santiago, 12-13 March 2015 1. Monterrey and Doha have a different political process and history
More informationPanamanian Banks. Macro Outlook and Regional Framework. Alejandro Garcia, CFA Managing Director, Latin America Financial Institutions
Panamanian Banks Macro Outlook and Regional Framework Alejandro Garcia, CFA Managing Director, Latin America Financial Institutions August 9, 217 Contents 1 Panama: Slower but Still Robust Growth 2 Panamanian
More informationFactoring Market Research& Asia Market Overview
Factoring Market Research& Asia Market Overview May 2018 Factoring is a range of services rendered to suppliers of goods trading on credit terms and based on financing them against assignment of the underlying
More informationArnold McIntyre Presentation at Caribbean Exporters Colloquium March 20-21, 2013
Arnold McIntyre Presentation at Caribbean Exporters Colloquium March 20-21, 2013 Outline A Changed World and Region WIC Report Still Relevant? A Changed World Global and regional economic conditions have
More informationMobilizing Islamic Finance for Long Term Financing: Lessons From Conventional Finance. Ana Carvajal
Mobilizing Islamic Finance for Long Term Financing: Lessons From Conventional Finance Ana Carvajal Istanbul, November 2015 The Context: Gaps in long term finance Infrastructure Financing gap estimated
More informationThe Spanish banks decentralized business model
The Spanish banks decentralized business model Santiago Fernández de Lis, BBVA Research Chief Economist, Financial Systems and Regulation IMF and CNB joint conference Prague April 26, 2013 Content 1. Drivers
More informationThe contribution of private pension systems to long-term savings and economic growth
The contribution of private pension systems to long-term savings and economic growth Contribution of insurance and pensions to growth Special OECD anniversary roundtable Mexico City, June 9 th, 2011 Outline
More informationDomestic Capital Markets and Financial Integration: Issues and Challenges
Domestic Capital Markets and Financial Integration: Issues and Challenges Guillermo Perry with Augusto de la Torre and Sergio Schmukler X LAC Meets the Market Washington D.C. April 2005 Intensity of Reforms
More informationComments of Why did Latin America and Developing Countries Perform Better in the Global Financial Crisis than in the Asian Crisis?
14TH JACQUES POLAK ANNUAL RESEARCH CONFERENCE NOVEMBER 7 8, 2013 Comments of Why did Latin America and Developing Countries Perform Better in the Global Financial Crisis than in the Asian Crisis? Ilan
More informationIndex. exchange rates, 104 5, net inflows, 100, 115, Bretton Woods system, 96 7 business cycles, 57
Index additional monetary tightening (AMT), 43 4 advanced economies, central banks in, 35 6 agency problems, 153, 163n47 aggregate demand, 18, 138 9, 141 2 Asian financial crisis, 8, 10, 13 15, 57, 65,
More informationFiscal Policy in. Current Readiness. Eduardo Fernández-Arias. (Personal views) Seminario CEPAL de Pol itica Fiscal Santiago de Chile, enero 2012
Fiscal Policy in Downturns: Recent Experience and Current Readiness Eduardo Fernández-Arias Research Department (Personal views) Seminario CEPAL de Pol itica Fiscal Santiago de Chile, enero 2012 OUTLINE
More information2016 External Sector Report
216 External Sector Report Global Imbalances and Policy Challenges September, 216 o Evolution of Global Current Accounts and Exchange Rates Widening and reconfiguration of imbalances in 215 Drivers: Asymmetric
More informationPromoting Financial Integration in Africa
Promoting Financial Integration in Africa Lessons from supporting deeper and more efficient financial sectors in East and Southern Africa IRINA ASTRAKHAN MAY 27, 2014 Financial & Private Sector Development
More informationINTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS
Principles No. 3.4 INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS PRINCIPLES ON GROUP-WIDE SUPERVISION OCTOBER 2008 This document has been prepared by the Financial Conglomerates Subcommittee (renamed
More informationInvestor Relations Best Practices
Investor Relations Best Practices Mikis Hadjimichael Sovereign Debt Management Forum World Bank, Workshop 8, MC13-121 October 26, 2010 Investor Relations Programs Provide Added Value During Market Turbulence
More information2018 OECD ECONOMIC SURVEY OF CHILE
2018 OECD ECONOMIC SURVEY OF CHILE Boosting productivity and quality jobs Santiago, 26 February 2018 http://www.oecd.org/eco/surveys/economic-survey-chile.htm @OECDeconomy @OECD Convergence has been impressive
More informationCorporate Governance Department World Bank Group
Corporate Governance Department World Bank Group Global Good Practices in Corporate Governance Alex Berg Corporate Governance Department The World Bank December 19, 2006 Outline Presentation Outline What
More informationTwo Decades after El Salvador s Peace Accords The Economic Outlook
Analyst: Heather Berkman berkman@eurasiagroup.net Two Decades after El Salvador s Peace Accords The Economic Outlook Prepared for Woodrow Wilson Center 30 January 2012 Table of Contents El Salvador: 1992
More informationBank Regulation in Barbados: Recent Challenges and Responses
Remarks by Mrs. Marlene Bayne Director, Bank Supervision Department Central Bank of Barbados at the Rotary District Conference on April 13, 2011 Lloyd Erskine Sandiford Centre Bank Regulation in Barbados:
More informationReflections on the Global Economic Outlook
Reflections on the Global Economic Outlook A presentation to the ACI-ICA World Congress October 2018 Mahmoud Mohieldin Senior Vice President World Bank Group @wbg2030 worldbank.org/sdgs Global Megatrends
More informationInsurance Day - Contribution to Latin American Special Report
Insurance Day - Contribution to Latin American Special Report 22 Jul 2014 The Latin American powerhouse is focus for financial lines players By Jennifer Betancourt, Financial Lines Latin America, York
More informationZeti Akhtar Aziz: Strategic positioning in a changing environment
Zeti Akhtar Aziz: Strategic positioning in a changing environment Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the 2006 Dialogue Session with Insurers and Takaful
More informationEnterprise Surveys e. Obtaining Finance in Latin America and the Caribbean 1
Enterprise Surveys e Obtaining Finance in Latin America and the Caribbean 1 WORLD BANK GROUP LATIN AMERICA AND THE CARIBBEAN SERIES NOTE NO. 12/13 Basic Definitions Countries surveyed in and how they are
More informationExternal Factors, Macro Policies and Growth in LAC: Is Performance that Good?
External Factors, Macro Policies and Growth in LAC: Is Performance that Good? Alejandro Izquierdo IADB Emerging Powers in Global Governance Conference Paris, July 6, 2007 (based on work with Ernesto Talvi)
More informationMACROPRUDENTIAL POLICIES TO ACHIEVE FINANCIAL STABILITY - CONFERENCE HOSTED BY THE CENTRAL BANK OF URUGUAY AND THE IMF
MACROPRUDENTIAL POLICIES TO ACHIEVE FINANCIAL STABILITY - CONFERENCE HOSTED BY THE CENTRAL BANK OF URUGUAY AND THE IMF COMMENTS MADE ON THE PANEL: EFFECTIVENESS OF POLICIES TO ADDRESS THE SYSTEMIC FINANCIAL
More informationMonetary Policy: A Key Driver for Long Term Macroeconomic Stability
Monetary Policy: A Key Driver for Long Term Macroeconomic Stability Julio Velarde Governor Central Bank of Peru March 2016 Agenda 1. Peru s growth is based on strong fundamentals 2. Recent economic developments
More informationLAC Treads a Narrow Path to Growth: The Slowdown and its Macroeconomic Challenges
LAC Treads a Narrow Path to Growth: The Slowdown and its Macroeconomic Challenges Washington, DC April 14, 2015 Chief Economist Office Latin America and the Caribbean Region I. What happened? The deceleration
More informationOECD Guidelines on Insurer Governance
OECD Guidelines on Insurer Governance OECD-SVS Seminar on Risk-based Capital Regulation and Corporate Governance in the Insurance Sector (13 December 2011, Santiago, Chile) Background Establishment of
More information483 Subject Index. Global Depositiory Receipts, 250 Grassman s law, 148, 160
Subject Index Adjustabonos, 401-3 Agency for International Development, 100 American depository receipts (ADRs): considered as foreign securities, 250; traded on over-the-counter market, 245 Arbitrage:
More informationGBTA BTI Outlook: Brasil
GBTA BTI Outlook: Brasil 2 nd Half - 2016 Agenda GBTA BTI Outlook Brazil: Overview Methodology GBTA BTI : Global Context Brazil Business Travel Spending Details 2 Overview In 2017, completed 8 th Global
More informationLatin American Quarterly Outlook JULY 2011
Latin American Quarterly Outlook JULY 2011 LATIN AMERICA Real Estate Outlook Key Economic Themes Almost three years after the peak of the global crisis, Latin America has two contrasting stories: Mexico
More informationInvestor Presentation
Investor Presentation 2017 www.gerdau.com 1 Outlook Gerdau Highlights 2 Region / Country (in Mt and %) 2017f 17/16 World 1,622 7.0% European Union 162 2.5% Better outlook for steel consumption NAFTA 139
More informationSituación España 1T16. 1 st QUARTER. Situación. Españ. Economic Outlook. Latin America
Situación España 1T16 Situación 1 st QUARTER Españ Economic Outlook Latin America Latam outlook / February The global economy will continue to grow. but more slowly and with more risks. Uncertainty about
More informationLatin America: the shadow of China
Latin America: the shadow of China Juan Ruiz BBVA Research Chief Economist for South America Latin America Outlook Second Quarter Madrid, 13 May Latin America Outlook / May Key messages 1 2 3 4 5 The global
More informationRegional Economic Outlook. November 2014
Regional Economic Outlook Caucasus and Central Asia November 214 Outline Global Outlook CCA Outlook, Risks, and Policies 2 An uneven global recovery continues Real GDP Growth Projections (Percent change
More informationBroadening the G20 financial inclusion agenda to promote financial stability: The role for regional banking networks.
POLICY AREA: Financial Resilience Broadening the G20 financial inclusion agenda to promote financial stability: The role for regional banking networks. Matias Ossandon Busch (Halle Institute for Economic
More informationCommodity Prices Perspectives and Challenges for the Monetary Policy
Commodity Prices Perspectives and Challenges Laura Cuccaro VI Meeting of Monetary Policy Advisors Bogotá, Colombia, 8-9 April 21 Agenda (1) Economic and social importance of agriculture for Latin America
More informationNew Avenues for Financing Infrastructure Managing Risks and Contingent Liabilities in LAC
DMF STAKEHOLDERS FORUM 2014 DEBT MANAGEMENT IN DEVELOPING COUNTRIES: NEW FRONTIERS AND ONGOING CHALLENGES New Avenues for Financing Infrastructure Managing Risks and Contingent Liabilities in LAC Edgardo
More informationMICROFINANCE IN LATIN AMERICA AND THE CARIBBEAN: PAST, PRESENT AND FUTURE
MICROFINANCE IN LATIN AMERICA AND THE CARIBBEAN: PAST, PRESENT AND FUTURE Nancy Lee General Manager MULTILATERAL INVESTMENT FUND Multilateral Investment Fund Member of the IDB Group Microfinance Trends
More informationExchange Rate and Fiscal Policies in developing countries: leaning against the wind?
Exchange Rate and Fiscal Policies in developing countries: leaning against the wind? Guillermo Perry Chief Economist for Latin America and the Caribbean The World Bank Conference on Emerging Powers in
More informationInvestor Presentation
Investor Presentation 2017 www.gerdau.com 1 Outlook Gerdau Highlights 2 Better outlook for steel consumption Region / Country (in mt and %) 2017f 17/16 World 1,535 1.3% European Union 158 0.5% NAFTA 135
More informationFiscal and Debt Coordination
Fiscal and Debt Coordination Eduardo Fernández-Arias Inter-American Development Bank Sovereign Debt Management Forum World Bank, Washington, 3 Dec 2014 Outline 1) The Macroeconomic Space Fiscal policy
More informationWorld Economic Outlook
World Economic Outlook Marco E. Terrones Assistant to the Director Research Department, IMF May 2012 The views expressed in this presentation are those of the author and do not necessarily represent those
More informationA Latin American View of IMF Governance
12 A Latin American View of IMF Governance MARTÍN REDRADO In this chapter I consider the role of the IMF and its governance structure from the perspective of an emerging-market country. I first discuss
More informationRafael Rofman Lead Social Protection Specialist Latin America and Caribbean Region The World Bank
Rafael Rofman Lead Social Protection Specialist Latin America and Caribbean Region The World Bank World Bank Core Pension Course Washington, March 2014 Outline Background: The Social Insurance schemes
More informationFiscal discipline and infrastructure spending
Fiscal discipline and infrastructure spending Luis Servén The World Bank Lima, July 2008 Fiscal discipline and infrastructure 1. The facts 2. Fiscal discipline and spending composition 3. Rethinking fiscal
More informationInstitutional Investor Presentation
Institutional Investor Presentation República Oriental del Uruguay Ministry of Economy and Finance October 218 1 Congress, National Assembly Strong Institutions and Social Cohesion 2 Uruguay remains a
More informationRetirement readiness: a challenge for pension systems in Latin America
Retirement readiness: a challenge for pension systems in Latin America David Tuesta Chief Economist, Pension Unit November 3rd, 2010 OECD-IOPS Global Forum Sydney-Australia, November 2nd - 3rd 2010 Contents
More informationInvestor Presentation
Investor Presentation 2017 www.gerdau.com 1 Outlook Gerdau Highlights 2 Better outlook for steel consumption Region / Country (in mt and %) 2017f 17/16 World 1,535 1.3% European Union 158 0.5% NAFTA 135
More informationInvestor Presentation
Investor Presentation 2017 www.gerdau.com 1 Outlook Gerdau Highlights 2 Region / Country (in Mt and %) 2017f 17/16 18/17 World 1,622 7.0% 1.6% European Union 162 2.5% 1.4% Better outlook for steel consumption
More informationGlobal Economic Outlook
Global Economic Outlook Will the growth continue and at what pace? Latin American Conference São Paulo August 2018 Lasse Sinikallas Director, Macroeconomics Copyright 2018 RISI, Inc. Proprietary Information
More informationGrowth has peaked amidst escalating risks
OECD ECONOMIC OUTLOOK Growth has peaked amidst escalating risks 1 November 18 Ángel Gurría OECD Secretary-General Laurence Boone OECD Chief Economist http://www.oecd.org/eco/outlook/economic-outlook/ ECOSCOPE
More informationPENSION REFORM IN LATIN AMERICA
PENSION REFORM IN LATIN AMERICA Oscar Cetrángolo ECLAC, Buenos Aires Office Conference on Privatisation of Public Pension Systems - Forces, Experience, Prospects Vienna - June 19-21, 2003 Specific circumstances,
More information